What's the difference between a business cost and a social cost? (1 Viewer)

[scorpiochic]

Any hints on the difference even if its a mere definition of each because i don't know where to start. Thanks!

 

[= Jennifer =]

social cost:
the cost of a product that is not paid by its producer but is paid by the society in general. an example would be an environmental cost involved in the production process that involves the discharge of pollutants into the environment (i.e. into the sea or atmosphere)

 

[AGB]

Originally posted by = Jennifer =
social cost:
the cost of a product that is not paid by its producer but is paid by the society in general. an example would be an environmental cost involved in the production process that involves the discharge of pollutants into the environment (i.e. into the sea or atmosphere)

a definition doesnt get much better than that